Morgan Stanley chairman John Mack says bankers are still over-paid

By James Quinn, US Business Editor Published: 7:18PM GMT twenty-five February 2010

Mr Mack, who has not taken a reward for the last 3 years as a outcome of the monetary predicament and was paid $800,000 (�525,000) last year, pronounced "I still don"t think the industry gets it" on pay.

"If we don"t do something, the supervision will do something," he said, during a wide-ranging subject and answer event in Charlotte, North Carolina, in that he certified that new moves to shorten remuneration and levy claw-backs had left a little approach to furthering the debate.

RBS arch Hester says "worst" is at the back of bank Wall Street backs Barack Obamas poisonous resources plan Deepening monetary predicament engulfs the promissory note industry Ken Lewis calls for Wall Street bankers to find a little piety prior to Congress Betfair ponders �1.5bn levity after shareholders call in bankers for talks Loss-making Morgan Stanley sets in reserve $3.88bn for staff remuneration

The promissory note maestro however highlighted the box of an unnamed 28-year-old Morgan Stanley merchant who was offering $11m in compensate and bonuses for his performance, but motionless to move to a sidestep account that offering him $25m instead.

His comments came as the Federal Reserve"s ubiquitous warn pronounced he expects vital American banks to swell their compensate reforms this year.

Scott Alvarez told a Congressional cabinet that the Fed will "shortly" issue last superintendence on the remuneration discipline to released last Oct to understanding with risk-taking. "Compensation practices were not the solitary means of the monetary crisis, but they were a contributing cause," Mr Alvarez continued, prior to the House of Representatives monetary services committee.